GE, Heitman Acquire 80% Stake in Four Czech Shopping Centers

BRNO, CZECH REPUBLIC-A joint venture of GE Real Estate and Heitman Central Europe Property Partners II has acquired an 80% stake in four Czech shopping centers from Denmark-based TK Development, which will manage the assets.

The centers are located in the Czech cities of Hradec Kralove, Ostrava, Brno and Olomouc. Each of the four centers is anchored by a hypermarket owned and occupied by Carrefour. The combined value of the centers, which total 1.17 million sf, is $103 million.

GE Real Estate is a business unit of Stamford, CT-based GE Commercial Finance that has current investments in Europe of about $5.8 billion in capital. Heitman is one of the largest providers of institutional real estate investment services. HCEPP II, a fund of Heitman International, acquires and develops properties in Hungary, Poland, Czech Republic, the Baltic’s, Romania, Slovenia and Slovakia.